Fintech firm Fibe raises $90 mn in funding round, looks to list in 3 years

Fibe, the fintech firm formerly known as EarlySalary, said on Wednesday it has raised $90 million in a series E funding round led by TR Capital, Trifecta Capital, and Amara Partners.

Existing investors in the Pune-based firm, such as TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures, also participated in the round that included primary and secondary transactions.

Out of the total funding raised, about $70 million was in primary investment and the rest secondary capital.

The company said it will use the funding for expanding business, market outreach, and products in its impact loans portfolio.

The company is considering to list itself in the next three years. “There has been no unsecured IPO (initial public offering) for a long time in the country. I think it is a three- to three-and-half year horizon where we could see an IPO coming in,” said Akshay Mehrotra, co-founder and chief executive officer of Fibe.  

Fibe previously raised $110 million in a series D round in August 2022, according to data provided by market intelligence platform Tracxn.

TPG’s The Rise Fund, Norwest Venture Partners, Piramal Capital & Housing Finance, participated in the series D round that valued the company at around $270 million.

Mehrotra did not comment on the valuation for the series E funding round, but said: “We doubled our valuation from the term sheet to closure in the past 14 months,” he said.

The company was founded in 2015 by Mehrotra and Ashish Goyal. It offers personal, health care and edtech loans, insurance financing, school fee financing and other products.

“We continue to raise money from our current and new investors again, improving our valuation, and growth plans. The latest capital has come in to deploy more into our business to build larger AUM (assets under management),” said Mehrotra.

First Published: Jun 05 2024 | 9:39 PM IST